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WebMD Announces First Quarter Financial Results
Date:5/6/2008

tion rate securities (ARS) with a face amount of $168.4 million. The types of ARS investments that WebMD owns are backed by student loans, 97% of which are guaranteed under the Federal Family Education Loan Program (FFELP), and all had credit ratings of AAA or Aaa when purchased. Since February, all auctions involving these securities have failed. The result of a failed auction is that these ARS continue to pay interest in accordance with their terms until the next successful auction; however liquidity will be limited until there is a successful auction or until such time as other markets for these ARS investments develop. It is uncertain when other markets will develop. WebMD has determined that the fair value of the ARS as of March 31, 2008 was $141 million. Accordingly, WebMD has recorded an impairment charge of $27.4 million related to a reduction in fair value of the Company's auction rate securities investments for the quarter ended March 31, 2008.

In addition to its ARS investments, WebMD has approximately $160 million in cash and cash equivalents at March 31, 2008.

Merger with HLTH

As previously announced, HLTH and WebMD entered into a definitive merger agreement on February 20, 2008. The agreement provided that HLTH will be merged into WebMD, with each outstanding share of HLTH common stock to be converted into 0.1979 shares of WebMD common stock and $6.89 in cash, subject to certain adjustments. Completion of the merger is conditioned upon, among other things, approval of the stockholders of both HLTH and WebMD. HLTH and WebMD currently expect to file a preliminary proxy statement/prospectus relating to the merger in the next few weeks and believe that would likely allow them to hold stockholder meetings in September to seek those approvals. However, the ability to schedule these meetings will depend on the timing for closing the sales of HLTH's ViPS and Porex businesses, at least one of which must be completed prior to closing the mer
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SOURCE WebMD Health Corp.
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